UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17143 / September 20, 2001

   Securities and Exchange Commission v. Dennis Ciccone, Civil Action No.
   01-1757 (W.D. Pa.)

     SEC CHARGES MANAGING DIRECTOR OF VENTURE CAPITAL FUND WITH INSIDER
                                  TRADING

                 Defendant To Pay $59,000 To Settle Charges

   The Securities and Exchange Commission today charged Dennis Ciccone of
   Sewickley, Pennsylvania, the managing director of a Pittsburgh-based
   venture capital fund, with insider trading in advance of the public
   announcement on November 5, 1999, that a group of outside investors
   had agreed to invest $500 million in Teligent, Inc. Without admitting
   or denying the allegations in the complaint, defendant Ciccone has
   agreed to settle the charges by agreeing to the relief sought and
   paying a total of $59,144.52. The complaint alleges that Ciccone
   misappropriated confidential information regarding the pending
   investment from an individual with whom he shared office space, and
   who, at the time, was a director of Teligent. Ciccone traded in
   Teligent common stock in advance of the public announcement and
   generated unlawful profits of $28,487.50.

   The complaint alleges that Ciccone shared office space with Donald
   Jones, a founding member and general partner of the venture capital
   fund, and a member of Teligent's board of directors. The complaint
   alleges that on or before November 4, 1999, Jones received certain
   materials that described a $500 million investment in Teligent by
   outside investors. The complaint alleges that Ciccone misappropriated
   information concerning the pending investment from the materials
   provided to Jones. On November 4, 1999, Ciccone purchased 2,000 shares
   of Teligent common stock in his personal brokerage account. The
   following day, before the opening of the market, Teligent publicly
   announced the $500 million investment. The price of Teligent's common
   stock opened at $65 1/, an increase of $17 1/ (35 percent) from
   the prior day's closing price. Later that day, Ciccone sold his
   Teligent position and realized total unlawful profits of $28,487.50.

   The Commission alleges that as a result of the conduct described
   above, Ciccone violated Section 10(b) of the Securities Exchange Act
   of 1934 ("Exchange Act") and Rule 10b-5 thereunder. In its action, the
   Commission is seeking a permanent injunction, disgorgement,
   prejudgment interest and a monetary penalty. Ciccone has consented to
   the entry of a final judgment permanently enjoining him from future
   violations of Section 10(b) of the Exchange Act and Rule 10b-5